Tesla Motors has reached an interesting milestone for its popular Model S EV. Tesla CEO Elon Musk announced that the company has produced its first 50 Model S luxury sedans. Musk also notes that Tesla will accelerate the output of the Model S each week to meet its target of delivering 5,000 Model S EVs this year.

"The ramp-up is continuing and we are getting a lot of invaluable information from having all these cars on the road," said George Blankenship, Tesla's vice president of sales. "We have already logged more than 39,000 miles on the first 50 cars."

The Model S entered production in Fremont, California on June 22. Since then, Tesla has constructed 29 cars destined for customers and 21 cars that will be used at stores for loaners and test drives. An additional 50 vehicles will be constructed within the next two to three weeks.

Tesla currently has orders for 12,200 Model S EVs that have a starting MSRP of $57,400 before any applicable state and federal tax credits/rebates are applied. Initial production of the Model S is limited to more expensive versions with an MSRP of around $100,000.

The Tesla Model S has EPA efficiency rating of 89 MPGe and a 265-mile driving range using the EPA five-cycle testing procedure.

Recently, Tesla posted a decline its revenue of $26.7 million. The company is looking to the Model S to help it become profitable this year.